James Bullard, the President of the Federal Reserve Bank of St. Louis, acknowledged the emerging markets were prepared to face the US monetary policy changes within their capacities.

Speaking to reporters, Bullard answered their question about a possible interest rate increase in December 2018 that he would not rule out such a scenario. He noted the decision would depend on a number of causes, including statistics. According to the official, he finds the current level of rates sufficient and encourages to focus on economic data.

Experts believe the US increasing rates amid concerns over the impact of the US-China trade war have had an unfavorable effect on Asia’s developing economies. Thus, the currency, bond and share markets in India, Indonesia and the Philippines have come under heavy economic pressure.

However, Bullard considers most emerging markets to be ready for the Fed’s monetary policy adjustments, despite some confusion.

The Federal Reserve forecasts the US GDP to rise 3.1% this year and the economy gradual expansion in the next 3 years.